Martin Lewis’ MoneySavingExpert urges anyone with a bank account to get £200 free cash – but you need to do it ASAP
MARTIN Lewis’ MoneySavingExpert has revealed how you can get a quick £200 cash boost – but you’ll have to act quick.
The consumer website said you can snap up the cash by switching current accounts in its latest newsletter.
Banks and building societies regularly offer switching incentives if you move your bank account across – and you can start in minutes.
Last week First Direct added a £25 Amazon voucher to its free £175 cash for switchers’ deal, but that ends on Monday, and perhaps sooner if there’s huge demand.
The MoneySavingExpert said the £175 deal may not be around much longer.
In addition, you also get a top overseas debit card, a 7% regular savings account to put up to £300/mth in and many get a £250 0% overdraft.
Barclays also has a rarely offered free £175 bank switch deal.
As it’s not done many switch deals before, more people will be eligible and not caught out by the rules which say you can’t have had a switch bonus from it before.
Here are further details of the banks offering switching incentives in case you feel like making some free cash.
Bear in mind, if you are someone who regularly switches current accounts, it can have a negative impact on your credit score.
First Direct
First Direct has boosted its £175 switching bonus to it’s 1st Account by adding a £25 Amazon voucher.
You can also open up a 0% overdraft on the first £250, a 7% regular savings account and there are no fees for using the debit card abroad.
The bank, owned and run by HSBC, scores well on MSE’s website for customer service too.
To get the £175 offer, you have to switch your current account across to a 1st Account, including two direct debits.
Then, within 30 days of starting the switch, you have to pay in at least £1,000, make five or more debit card payments and log on to internet banking.
The five or more debit card payments can be made online or in-store.
You will receive the £175 by the 20th of the following month in which all the above criteria has been met.
You won’t be eligible for the switching offer if you have opened an HSBC current account on or after January 1, 2018.
Barclays
Barclays are offering £175 free cash, alongside a free Apple TV+ subscription, which is normally worth £8.99 a month, a Major League Soccer stream to the value of £12 a month and a 5.12% regular savings account which you can put up to £5,000 in.
To get all this, you must join Barclays’ Blue Rewards scheme.
This costs £5/month, plus requires you to pay in £800+/month and register for digital banking.
Until September it also gives £5/month cashback – which essentially waives the fee.
To get the £175 offer, you have to switch your current account across to a sole account via Barclays’ app, including two direct debits.
Join its ‘Blue Rewards’ scheme, then, by 30 August 2024, pay in at least £800.
The five or more debit card payments can be made online or in-store.
You will receive the £175 within 28 days of meeting all the criteria.
You won’t be eligible if you don’t have an open Barclays account, or have closed one on or after 8 July.
You can’t have ever received switch cash from Barclays before.
Club Lloyds
Club Lloyds are offering £175 free cash with an additional reward each year for switching.
You can choose from 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.
There will be a £3 per month fee, unless you pay in more than £2000 a month.
You will receive access to a linked regular saver paying 6.25 per cent fixed interest for a year on up to £400 per month, which when maxed out is £161 a year in interest.
The switch offer is also available on the Club Lloyds Silver account, which provides a range of insurance for £10 a month, as well as the more expensive Club Lloyds Platinum account, for £21 a month.
You can receive the bonus if you haven’t had to switch cash from Lloyds, Bank of Scotland or Halifax since April 2020.
To get the £175 offer, you have to switch your current account across from a different bank, including three direct debits.
The switch must be started by 30 July.
The £175 is paid within 10 working days of the switch starting.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.